|
31 August 2004: Lists of German companies currently using IFRSs and US GAAP
The German Accounting Standards Committee has updated its lists of large German companies that are currently applying IFRSs, as well as those now using US GAAP and German GAAP. These lists sorted by the 30 DAX, 50 MDAX, 50 SDAX, and 30 TecDAX companies. They are part of a series of frequently asked questions (FAQ) about German financial reporting, in English. Here is the Link to the FAQ File on the website of the GASC.
31 August 2004: Graded vesting of share options – FASB to differ from IFRS 2
A decision of the US Financial Accounting Standards Board would create a significant difference between US GAAP and IFRSs on how to recognise the expense for share options with graded vesting. Graded vesting means that portions of a single option grant will vest on two or more dates. The IFRS 2 requirement is explained in IFRS 2.IG11:
|
For example, suppose an employee is granted 100 share options, which will vest in instalments of 25 share options at the end of each year over the next four years. To apply the requirements of the IFRS, the entity should treat each instalment as a separate share option grant, because each instalment has a different vesting period, and hence the fair value of each instalment will differ (because the length of the vesting period affects, for example, the likely timing of cash flows arising from the exercise of the options).
|
That had been FASB's proposal as well. However, after considering the comments on its current exposure draft, FASB has now decided to give entities the choice of recognising the expense on a straight-line basis. Treating each instalment as a separate grant has the effect of recognising more expense up front.
30 August 2004: Draft guidance for auditors on first-time IFRS adoption
The Auditing Practices Board of the United Kingdom has issued a 37-page draft bulletin on Guidance for Auditors on First-time Application of IFRSs in the United Kingdom. The bulletin would provide auditors with interim guidance on issues that may arise when entities move from UK GAAP to IFRSs. Comments on the draft are due by 31 October 2004. Among the audit risks noted are limited experience with IFRSs, problems caused by systems changes, shortage of resources, identification of all of the differences between the accounting frameworks, valuation issues in such areas as share options and non-traded financial instruments, and earnings management. Regarding the latter, the bulletin notes:
|
There may be opportunities for aggressive earnings management by companies. For example, management may wish to set an advantageous starting figure for earnings under IFRSs in the year of transition, conscious of the implications for future years. This could involve setting the figure as low as possible in the year of such a major change, while attention is focussed on the changeover itself, so giving leeway for flattering increases in earnings in future years.
|
Click for:
26 August 2004: Agenda for IASB September meeting is posted
The International Accounting Standards Board will meet on Tuesday through Friday, 21-24 September 2004, in London. The meeting will be the first to adopt the IASB's new meeting framework, which includes both educational (non-decision-making) and deliberative sessions. In the agenda shown below, all sessions are deliberative unless marked educational. The Board will also meet on Monday morning 27 September 2004 and then again on Wednesday morning 29 September 2004 with the chairs of its eight liaison standard-setting bodies. Further, the Board will host a meeting of representatives of over 30 world accounting standard setters on the afternoon of Monday 27 September 2004 and continuing all day Tuesday 28 September 2004.
AGENDA OF THE IASB MEETING 21-24 SEPTEMBER 2004
Tuesday 21 September
Wednesday 22 September
- Morning: Educational session on Insurance
- Afternoon: Accounting Concepts – initial consideration of this topic
- Afternoon: Business Combinations Phase II – Issues related to the proposed fair value hierarchy and combinations involving mutual entities
Thursday 23 September
Friday 24 September
MEETINGS WITH STANDARD SETTERS 27-29 SEPTEMBER 2004
Monday 27 September 2004
- Morning: Meeting with national standard-setters
- Afternoon: Meeting with world standard-setters
Tuesday 28 September 2004
- All day: Meeting with world standard-setters
Wednesday 29 September 2004
- Morning: Meeting with national standard-setters
|
26 August 2004: Deloitte guide to IFRS 1 First-time Adoption of IFRSs
 |
We have posted a new Deloitte publication First-time Adoption – A Guide to IFRS 1. This 104-page bound booklet deals with first-time adoption issues related to the stable platform IFRSs, with focus on 2005 adopters. The booklet includes:
- A summary of IFRS 1.
- Specific issues related to first-time adoption.
- Questions and responses.
- A disclosure checklist.
- A large number of illustrative examples.
Click to Download First-time Adoption – A Guide to IFRS 1 (PDF 2,506k).
|
26 August 2004: German GAAP–IFRS comparison is now available
The second edition of Deloitte's 170-page comparison of German GAAP and IFRSs – Rechnungslegung nach IFRS – is now available. The book contains a general introduction into IFRSs, the IASB, and the IAS regulation; a summary of the key aspects of IFRS 1; and a line item by line item comparison. It concludes with an executive summary. For more information please visit the Publisher's Website.
25 August 2004: Interpretations Committee will meet next week in London
The International Financial Reporting Interpretations Committee (IFRIC) will meet on Thursday and Friday, 2 and 3 September 2004, at the offices of the IASB in London. The agenda:
|
AGENDA OF THE IFRIC MEETING 2-3 SEPTEMBER 2004
|
24 August 2004: EFRAG announces its 2005 meeting schedule
The EFRAG Technical Expert Group (TEG) is coordinating the dates of its 2005 meetings with those of the IASB, generally holding meetings (which are open to public observation) during the week preceding the IASB Board meeting, as follows (locations may change from Brussels). EFRAG's 2004 meeting dates are also shown:
| 2004 Month | IASB Board | SAC | WSS | Location | EFRAG TEG | Location |
|---|
| September | 22 to 24 | | 27 | London | Wed-Fri 1 to 3 | Brussels |
| October | 18 to 22 | | | Norwalk | Wed-Fri 6 to 8 | Brussels |
| November | 15 to 17 | 18/19 | | London | Wed-Fri 3 to 5 | Brussels |
| December | 15 to 17 | | | London | Tue-Thu 7 to 9 | Brussels |
| 2005 Month | IASB Board | SAC | WSS | Location | EFRAG TEG | Location |
|---|
| January | 17 to 21 | | | London | Wed-Fri 12 to 14 | Brussels |
| February | 14 to 18 | 10/11 | | London | Mon-Wed 7 to 9 | Brussels |
| March | 14 to 18 | | | London | Wed-Fri 9 to 11 | Brussels |
| April | 18 to 22 | | | London | Wed-Fri 13 to 15 | Brussels |
| May | 16 to 20 | | | London | Wed-Fri 11 to 13 | Brussels |
| June | 20 to 24 | 27/28 | | London | Wed-Fri 15 to 17 | Brussels |
| July | 18 to 22 | | | London | Mon-Wed 11 to 13 | Brussels |
| August |
| September | 19 to 23 | | 26/27 | London | Wed-Fri 7 to 9 | Brussels |
| October | 17 to 21 | | | Norwalk | Wed-Fri 5 to 7 | Brussels |
| November | 14 to 18 | 10/11 | | London | Tue-Thu 8 to 10 | Brussels |
| December | 12 to 16 | | | London | Wed-Fri 7 to 9 | Brussels |
24 August 2004: Some stats about www.iasplus.com files
Out of curiosity, we computed a few statistics about the files underlying Deloitte's www.iasplus.com website. The site is made up of 1,775 files totalling 226mb of information. The 1,775 files include 392 HTML pages; 994 downloadable PDF files; 293 GIF and 78 JPG image files; and 18 other files including ZIP and ICO. The files contain 933 remote links to other sites or pages on the Internet.
24 August 2004: Changes to Australian GAAP from adopting "IFRS equivalents"
The Australian Accounting Standards Board recently issued 40 new or revised accounting standards applicable for all financial years beginning on or after 1 January 2005 (see our news story of 17 July 2004). Early adoption of the standards is not permitted. Those standards – sometimes referred to as Australian equivalents to International Financial Reporting Standards (A-IFRSs) – will result in some significant changes as compared to practice under current Australian GAAP. Deloitte (Australia) has published a 24-page booklet explaining the major Differences Between Current Australian GAAP and Australian Equivalents to IFRS (PDF 2,089k). None of the new A-IFRSs is 100% compatible with the corresponding IFRS for the following reasons:
- Wording has been amended to accommodate the Australian legislative environment, for example, reference to the Corporations Act 2001 in the application paragraphs.
- Additional or amended requirements for not-for-profit entities.
- In some cases the AASB has permitted only one of a number of options available in the corresponding IFRS.
- Additional disclosures.
23 August 2004: Summary of FASB-IASB decisions on noncontrolling interests
The IASB and the US FASB are developing common exposure drafts of their proposed standards on accounting for business combinations - phase II. The EDs will be similar in both wording and style (including the IASB style of highlighting principles in bold type). The expected issuance date of the EDs is now the fourth quarter of 2004. The FASB has posted on its website two summaries of tentative decisions reached. Our news story of 10 August 2004 has a link to a 156-page staff summary of tentative decisions reached relating to purchase method procedures. The FASB has just posted a second decision summary, this one (67 pages) relating to noncontrolling (minority) interests. Because there is no comparable summary on the IASB's website and the Boards are working toward issuing nearly identical standards, the FASB summary should be of interest to those who are following the IASB project as well. Click to Download the FASB Summary (PDF 563k). Among the key conclusions re noncontrolling interests:
- The equity interests of noncontrolling shareholders in subsidiaries would be presented in equity (IAS 27 already requires this).
- Net income or loss and each component of other comprehensive income would be attributed to the controlling and noncontrolling interests based on relative ownership interests unless the controlling and noncontrolling interests have entered into an arrangement that requires a different attribution.
- Losses attributable to the noncontrolling interest in excess of the noncontrolling interest in the equity capital of the subsidiary would be attributed to the noncontrolling interest rather than to the controlling interest.
- Changes in ownership interests in the subsidiary after control is obtained that do not result in a loss of control of the subsidiary would be accounted for as capital transactions. The difference between the amount by which the noncontrolling interest is adjusted and the consideration paid or received, if any, would be recognised as additional paid-in capital (no gain or loss). Thus, the acquisition of some or all of the noncontrolling interests in a subsidiary would not be accounted for by the purchase method as in current practice.
- At the time the parent obtains control of the subsidiary, the assets (including goodwill) and liabilities of the subsidiary would be recorded at their fair values.
- On the date control of a subsidiary is lost, any retained noncontrolling investment in a former subsidiary would be remeasured to its fair value and a gain or loss, if any, would be recognized in consolidated income.
|
21 August 2004: August 2004 Accounting Roundup newsletter
We have posted the 20 August 2004 Edition of Accounting Roundup (PDF 207k), a newsletter published by Deloitte & Touche (USA). Accounting Roundup summarises recent accounting and financial reporting developments and provides Internet links to related content. This issue has information about developments at FASB (including proposed FSP on mutual fund fees), GASB (new standard on other post-employment benefits), AICPA (ethics proposal on outsourcing disclosure), SEC (Form 8-K disclosures), and IASB (Deloitte guide on applying IFRS 3 Business Combinations). You will find all Past Issues Here.
20 August 2004: Differences between Japanese GAAP and IFRSs
A study group appointed by the Japanese Ministry of Economy, Trade and Industry, and comprising predominantly representatives of Japanese industrial companies, has published a report that compares Japanese accounting standards and International Financial Reporting Standards. The report recommends that the European Commission accept Japanese GAAP as equivalent to IFRSs. European law requires all European companies listed on European exchanges (about 9,000 companies in all) to start using IFRSs in 2005. For non-European companies listed in Europe, IFRSs are deferred to 2007 pending a study of which national GAAPs should be deemed equivalent to IFRSs and therefore permitted in lieu of IFRSs. The report expresses support for the position of the Japanese government and the Accounting Standards Board of Japan that Japanese GAAP is equivalent to IFRSs and urges adoption of "mutual acceptance" by the EC and Japan of each other's standards. The report includes a 29-page tabular comparison of Japanese standards, IFRSs, and US GAAP. Currently, around 250 Japanese companies list their shares or bonds on EU exchanges. Most prepare their financial statements under Japanese accounting rules. Around 10 companies from IFRS countries are listed in Japan.
20 August 2004: Web-based technical update on IASs 16, 17, 23, and 40
The Deloitte London IFRS Centre of Excellence is running a monthly series of hour-long Internet-based IFRS technical updates, focusing on the most important international accounting standards and how they will affect UK companies. The fourth Webcast was run on 19 August 2004 and addressed leasing and issues relating to tangible fixed assets. Specifically the Webcast covered IAS 16 Property, Plant and Equipment, IAS 17 Leases, IAS 23 Borrowing Costs, and IAS 40 Investment Property. To access the recording Click Here. The recording of each session will be available on this website for a period of at least 3 to 4 weeks from the date of the presentation. Links to past sessions may be found on our United Kingdom Page.
19 August 2004: Deloitte IFRS e-learning – 53,000 downloads to date
Since we first made available our IFRS e-learning system on 22 January 2004, a total of 8,436 unique users have downloaded 53,005 modules. Those figures do not reflect the very substantial further usage and distribution of content once downloaded, since many organisations have chosen to make the content available through their own intranet site, rather then having individual employees do their own downloading and installation. Downloaders came from 151 different countries. Top-six highest usage by country has been:
 | United Kingdom | 7,834 downloads |
| Australia | 3,697 |
| Germany | 3,376 |
| France | 2,300 |
| Italy | 2,167 |
| Pakistan | 2,129 |
Currently, 23 modules are available. Each is a 3mb to 5mb zip file. You can access them by clicking the IFRS e-Learning 'light bulb' on the IASPlus home page or by clicking Here. Deloitte is making our IFRS e-Learning programme available in the public interest without charge.
|
18 August 2004: FASAC survey includes international convergence
The Financial Accounting Standards Advisory Council (FASAC), advisory body to the US FASB, annually conducts a survey of the views of FASAC members and other FASB constituents on what FASB's priorities should be. The 2004 FASAC survey addresses views on international convergence questions, including:
- Whether the FASB should, without compelling domestic reasons to do so, necessarily add a project to its agenda because the IASB does.
- Whether FASB should give higher priority to agenda projects that would lead to international convergence.
- How FASB should weigh the costs versus the benefits in deciding to add a convergence project to its agenda.
Another group of questions relates to differential accounting standards for certain entities, such as privately held entities or SMEs. Responses are sought by 27 August 2004. Click to Download the Survey (PDF 71k).
18 August 2004: Deadline extended for survey on joint ventures
In our News Story of 15 July, we had reported an announcement on the US FASB website that the IASB is conducting a research project that is the first phase of a longer-term effort to improve IAS 31 Interests in Joint Ventures. Our story noted that the Australian Accounting Standards Board (AASB) is leading a team of standard setters from Hong Kong, Malaysia, and New Zealand in conducting the research project and that responses to the survey were requested by 28 July 2004. The purpose of this survey is to identify and analyse the characteristics of these investments to assist in revising IAS 31. The IASB's own website has now posted an announcement of the survey:
|
As part of an IASB research project, the Australian Accounting Standards Board is conducting a survey of the accounting for interests in joint venture arrangements. Participation in the survey by entities involved in joint arrangements will provide valuable input, helping the research team and the IASB to understand better the ways in which joint arrangements are structured.
|
The response request deadline has been extended to 30 September 2004. The survey may be completed on-line or may be downloaded from the AASB Website.
16 August 2004: Latest newsletter from Deloitte's Global Offerings Services
We have posted the July-August 2004 edition of Deloitte's US Reporting Newsletter for Non-US Based Companies (PDF 411k). This newsletter is published by Deloitte's Global Offerings Services group, which is a global team of practitioners assisting non-US companies and non-US practice office engagement teams in applying US and international accounting standards (that is, US GAAP and IFRSs) and in complying with the SEC's financial reporting rules. You can find past issues Here.
16 August 2004: New approaches to three major IASB agenda projects
 |
In "The Chairman's Page–A Personal View" in the July 2004 issue of the IASB's Insight newsletter, IASB Chairman Sir David Tweedie discusses the Board's revised approach to three major agenda projects: Insurance Contracts, Financial Instruments, and Performance Reporting. In the next several weeks, the IASB will announce the membership of new advisory groups on those projects. Sir David indicated that the Board's next steps on each of the projects will be to issue discussion papers. "In due course exposure drafts will follow, but that may well be several years into the future." |
|
I want to emphasise that we have not reached any decisions on these three projects. The advisory groups will therefore start with a clean slate. The IASB has made no commitment to a full fair value approach on insurance and financial instruments.... The field tests on the IASB's original proposals on performance reporting showed that we needed to develop alternative approaches.
|
15 August 2004: ICAEW letter to Commissioner Bolkestein re IAS 39
The Institute of Chartered Accountants in England and Wales has written to EC Internal Market Commissioner Frits Bolkestein urging the European Commission to adopt IAS 39 in its entirety as part of the full suite of International Financial Reporting Standards for use in Europe. An excerpt from the letter is below. Click for full text of ICAEW Letter (PDF 354k).
|
We understand that the Commission is considering deleting certain sections of lAS 39 and proposing the amended standard for endorsement. We are greatly concerned by this development. Introducing differences between IFRS in Europe and IFRS, as set by the International Accounting Standards Board (IASB), is likely to lead to long-term damage to the credibility and quality of financial reporting in Europe. We note that the idea of European financial reporting standards is rejected in the IAS Regulation (No. 1606/2002) itself: Recital 2 states that '... it is important that the financial reporting standards applied by Community companies participating in financial markets are accepted internationally and are truly global standards.' |
14 August 2004: IAS Plus newsletters for 3Q 2004 are published
 |
We have posted the July 2004 edition of our quarterly IAS Plus newsletter in two versions:
 Global Edition (PDF 22 pages 316k)
Asia-Pacific Edition (PDF 31 pages 432k)
Both editions have the same news about international financial reporting, including updates on IASB projects and Board activities and news about IFRS in Europe, the United States, and elsewhere in the world. Additionally, the Asia-Pacific edition has updates on accounting standard setting activity in a number of countries in that region. You will find all past issues Here.
|
13 August 2004: Argentina moves toward International Standards on Auditing
The Board of the Argentina Federation of Professional Councils of Economic Sciences (Federacion Argentina de Consejos Profesionales de Ciencias Economicas - FACPCE) has agreed to consider adopting International Standards on Auditing issued by IFAC's International Auditing and Assurance Standards Board (IAASB) as Argentine auditing standards for periods beginning 1 July 2005. "FACPCE reserves the right to adopt the ISAs in total, or partially, with or without differences." Click for FACPCE Website.
13 August 2004: McCreevy will be new EC Commissioner for Internal Market
 | José Manuel Barroso, President-designate of the European Commission (top photo), has announced the policy portfolios he has allocated to each of the 25 new EC Commissioners. Charlie McCreevy (bottom photo), who is an Irish Chartered Accountant, will be Commissioner for Internal Market and Services, replacing Frits Bolkestein. Among Mr. McCreevy's responsibilities will be accounting and financial reporting, including the implementation of IFRSs in Europe. The new Commission will take office on 1 November, subject to approval by the European Parliament. The Parliament can vote only on the whole body and not on individual Commissioners. The EC decision on endorsing IAS 39 is expected to be made by the current Commissioners before 1 November. Click for:
|
 |
11 August 2004: Model IFRS financial statements for 2005
 |
We have posted Deloitte's Model IFRS Financial Statements for the year ended 31 December 2005 (PDF 609k). These model financial statements were developed to illustrate the typical disclosures that will be required of a United Kingdom listed company with subsidiaries and associates, reporting under IFRSs for both the company and consolidated financial statements, for 2005. Material that is included to meet specific UK requirements and specific references to UK GAAP have been highlighted on a yellow background. Otherwise, these model financial statements would be appropriate for entities following IFRSs in any country. The model financial statements are based on standards issued at 31 May 2004 that are expected to be effective for years beginning on or after 1 January 2005. They also reflect the proposed amendments to IAS 19 issued by the IASB in April 2004 on the assumption that they will be approved and become effective in 2005. Model IFRS financial statements and a disclosure checklist for 2003 are available Here. |
11 August 2004: SEC Chief Accountant speaks about IASB-FASB convergence
In a presentation at the annual meeting of the American Accounting Association, SEC Chief Accountant Donald T. Nicolaisen addressed a range of issues, including FASB and IASB cooperation:
|
The FASB and IASB support moving toward a single conceptual framework that would be used by both Boards. The work of these two Boards, and other national standards setters involved in the IASB process, is an important part of building and maintaining an effective global financial reporting infrastructure. I support global convergence. It's in the best interest of investors.
|
In response to a question, Mr. Nicolaisen said that the Commission will undertake a study of the IFRS reconciliations to US GAAP that are submitted for 2005 and, based on the findings, will determine whether to eliminate the reconciliation. He indicated his hope that the reconciliation could be eliminated by the end of the current decade. Click for Full Text of Mr. Nicolaisen's Remarks (link to SEC website).
10 August 2004: Comprehensive summary of Business Combinations Phase II
The IASB and the US FASB are developing common exposure drafts of their proposed standards on accounting for business combinations. Those exposure drafts will incorporate (1) the decisions reached in the Boards' current joint purchase method procedures project (Phase II) and (2) the decisions previously reached in the Boards' separate Phase I projects, which led to the issuance of FASB Statement No. 141 Business Combinations, and IASB IFRS 3 Business Combinations. The common EDs will be similar in both wording and style (including the IASB style of highlighting principles in bold type). The expected issuance date of the EDs is now the fourth quarter of 2004. The FASB has just posted on its website a 156-page staff summary of tentative decisions reached in Phase II of the project. Because there is no comparable summary on the IASB's website and the Boards are working toward issuing nearly identical standards, the FASB summary should be of interest to those who are following the IASB project as well. Click to Download the FASB Summary (PDF 1,191k).
9 August 2004: International issues noted in US PCAOB annual report
The US Public Company Accounting Oversight Board (PCAOB
) has published its annual report for 2003 – its first full year of operations. In the international area, the report notes, among other things, that the PCAOB has "hired an international affairs staff to advise the Board on international issues and facilitate dialogue with foreign regulators regarding oversight of registered non-US accounting firms." Click to Download the report (PDF 1,012k).
8 August 2004: SEC strategic plan includes global accounting standards
The US Securities and Exchange Commission has published its Strategic Plan for 2004-2009 (PDF 1,783k). The plan, approved by the Commission, identifies the vision, mission, values, and goals that will shape the agency's activities during the next five years and details the initiatives being undertaken to achieve the SEC's goals. Regarding the Commission's efforts in support of international convergence of accounting standards, the plan notes:
| Companies and investors benefit when financial statements, accounting standards, and auditing procedures mean the same thing from country to country. When one set of high-quality standards is applied anywhere in the world, the cost of accessing capital markets is likely to be reduced, and information disclosed to investors in one country can be as relevant and meaningful to investors in other countries. |
8 August 2004: New Deloitte guide to applying IFRS 3 Business Combinations
 | Deloitte is pleased to make available, without charge, our new 84-page Guide to IFRS 3 Business Combinations. The guide:
- Outlines the key features of IFRS 3.
- Provides illustrative examples to assist readers in applying the standard.
- Discusses the requirements of IAS 36 Impairment of Assets and IAS 38 Intangible Assets as they relate to business combinations.
- Includes:
- Guidance on determining fair value for the purposes of accounting for business combinations;
- An overview comparison between the requirements of IFRS and those of US GAAP;
- A number of frequently asked questions; and
- Illustrative disclosures.
Click to Download the Deloitte Guide to IFRS 3 (PDF 1,894k*).
*Because of the large file size, a white screen may appear for a while when downloading.
|
8 August 2004: FEE urges stronger EU auditor education requirements
The European Federation of Accountants (FEE) has urged the European Union to strengthen its requirements for education of statutory auditors currently in Articles 6 through 10 of EC 8th Directive. In the area of financial accounting and reporting, FEE would require, among other things, education in "international standards and national laws, regulations and standards appropriate to the preparation of company and consolidated financial statements and to methods of valuing balance sheet items, of computing profits and losses, reporting cash flows and changes in equity". Click for FEE Position Paper (PDF 173k).
7 August 2004: IASB posts comment letters on IFRS 3 scope amendment
The IASB has posted on its Website the 30 letters of comment received on the exposure draft Proposed Amendments to IFRS 3 Business Combinations – Combinations by Contract Alone or Involving Mutual Entities. Click for Deloitte's Letter.
7 August 2004: Approach to implementing IFRSs by Australian bank regulator
The Australian Prudential Regulation Authority (APRA) – Australia's regulator of banks, insurance companies, superannuation funds, credit unions, and other financial institutions – has outlined the approach it will be taking during the implementation of IFRSs in Australia. This follows confirmation of the Australian equivalents to these Standards by the Australian Accounting Standards Board in mid-July. All Australian reporting entities must adopt IFRSs for reporting periods beginning on or after 1 January 2005. This will, in turn, require APRA to revise its prudential standards and statistical requirements for deposit-taking institutions and insurance companies. Click for More Information (PDF 52k).
5 August 2004: IFAC Public Sector Committee update
The IFAC Public Sector Committee has released PSC Update 12 (PDF 89k), which outlines recent progress on the PSC's standards program, provides a brief update on discussions with the PSC's Consultative Group at the last PSC meeting, and notes that the Report of the PSC Externally Chaired Review Panel has been finalised and is available from the IFAC website (www.ifac.org). PSC standards are based on IFRSs.
4 August 2004: Three new IFRS e-learning modules are now available
|
Three new e-learning modules have been added to the 20 other modules available in Deloitte's popular IFRS e-Learning programme. You can access all available modules by clicking the IFRS e-Learning 'light bulb' on the IASPlus home page or by clicking Here. Deloitte is making our IFRS e-Learning programme available in the public interest without charge. The three new modules are:
- IAS 12 Income Taxes
- IAS 19 Employee Benefits
- IFRS 1 First-time Adoption of International Financial Reporting Standards
|
3 August 2004: IASB posts comment letters on IAS 19 amendment
The IASB has posted on its Website the 45 letters of comment received on the exposure draft Proposed Amendments to IAS 19 Employee Benefits – Actuarial Gains and Losses, Group Plans and Disclosures. Click for Deloitte's Letter.
3 August 2004: iGAAP 2005 Financial Statements for UK Listed Groups
 |
This publication focuses on how UK listed companies' financial statements will change as a result of the requirement to adopt IFRSs from 2005, and:
- explains the regulatory framework that requires UK listed groups to prepare their consolidated financial statements in accordance with IFRS;
- contains model financial statements and detailed commentary to illustrate the principal statutory, professional, and listing authority requirements, and;
- comments on the EU regulation that is driving change from UK GAAP to IFRS GAAP for listed groups, the companies affected, and the standards from the International Accounting Standards Board.
|
iGAAP 2005 Financial Statements for UK Listed Groups can be purchased through CCH Online or by phone at +44 0870 777 2906. iGAAP 2005 Financial Instruments will be available from September 2004, and the complete iGAAP 2005 Manual, similar in style to Deloitte's GAAP 2004 guide to UK reporting requirements, will be available from November 2004.
2 August 2004: IFRIC project pages updated to reflect July meeting
We have updated the following four IFRIC agenda project pages to reflect the discussions at IFRIC's July 2004 meeting. Because a quorum was not present at the meeting, no formal decisions were made.
1 August 2004: EFRAG invites comments on IASB SME discussion paper
The European Financial Reporting Advisory Group (EFRAG) has invited comments on its draft response to the IASB discussion paper Preliminary Views on Accounting Standards for Small and Medium-sized Entities. EFRAG's Comment deadline is 20 September 2004:
|
